- An unidentified YouTuber ran a fake investment company and induced Koreans to invest in worthless tokens, South Korean police said.
- Between late 2021 and March 2023, the scheme allegedly took more than $232 million from victims.
As a seasoned crypto investor with over a decade of experience in this volatile market, I can’t help but feel a sense of dismay and disappointment upon hearing about yet another large-scale scam targeting unsuspecting investors. The fact that this scheme specifically targeted older Koreans and encouraged them to sell their homes or take out loans to invest is nothing short of heartbreaking.
Law enforcement officials in South Korea recently apprehended approximately 215 individuals as part of an ongoing probe concerning a suspected crypto-investment fraud amounting to around 325.6 billion won ($232 million). This information was shared by the news agency Yonhap.
The Anti-Corruption and Economic Crime Investigations Unit of the Police Agency in the Southern part of Gyeonggi Province (which encircles Seoul) reported that their recent arrests encompassed employees from a supposed investment consulting company and an anonymous YouTube personality with over 620,000 subscribers.
From December 2021 to March of the previous year, this scheme is said to have defrauded over 15,000 individuals by offering attractive returns on investments in virtual assets. Primarily focusing on middle-aged and older demographics, it guaranteed 20 times the investment amount and motivated people to liquidate their properties and secure loans for their investments.
As a researcher, I found myself analyzing an investment comprising 28 distinct digital assets. Interestingly, six of these tokens were self-generated by our team, while the other 22 showed minimal trading activity and were deemed insignificant in terms of their worth.
As a crypto investor, I find myself following the recent news about an arrest within our community. Out of the total arrested, 12 individuals are still being held, among them is a well-known YouTuber who also led a consulting firm. Initially, he attempted to evade capture by fleeing South Korea and traveling through Hong Kong and Singapore before finally reaching Australia.
The report did not give the names of those involved.
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2024-11-13 12:18